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(Huffington Post)   Not news: Homeless man found dead under overpass. Not news: Heir to part of $300 million fortune dies. Fark: Same person   (huffingtonpost.com) divider line 48
    More: Unlikely, Huguette Clark, heirs, Union Pacific, Larry Ellison, Ingvar Kamprad, Evanston  
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9039 clicks; posted to Main » on 04 Jan 2013 at 10:20 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



48 Comments   (+0 »)
   
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2013-01-04 10:21:44 AM
I think I saw this movie. John Candy was in it.
 
2013-01-04 10:27:05 AM
What a Huguette disappointment.
 
2013-01-04 10:27:38 AM
I read this book. Jailbird, I think.
 
2013-01-04 10:31:22 AM
Brewster?
 
2013-01-04 10:32:46 AM
How does one become a half nephew? Isn't being a nephew one of those things you either are or aren't?

/"Half great nephew" sounds like "complete stranger"
 
2013-01-04 10:32:54 AM
Will was contested anyways. He isnt missing much. That money will likely be tied in courtrooms for decades thanks to greedy lawyers.
 
2013-01-04 10:35:25 AM
Uncle Tim!!!!! OH MY GAWWWDDDD!!!!

\Am I doing it right?
 
2013-01-04 10:38:51 AM
They're both the same, so vote none of the above.
 
2013-01-04 10:40:32 AM
Didnt Disney do a movie on something like this something like The Million Dollar Hobo or something?
 
2013-01-04 10:40:42 AM
That lady wasted her life. but to each their own i suppose
 
2013-01-04 10:41:01 AM

DerAppie: How does one become a half nephew?


Ask Lance Armstrong.
 
2013-01-04 10:42:04 AM
Thanks for the HuffPo autoplay link that doesn't stop making sound even when you hit pause.
 
2013-01-04 10:43:29 AM
Railroad heir dies of hypothermia under railroad bridge.

/that's cold.
 
2013-01-04 10:44:04 AM

DerAppie: How does one become a half nephew? Isn't being a nephew one of those things you either are or aren't?

/"Half great nephew" sounds like "complete stranger"


Half-nephew would mean the son of your half-brother or half-sister. So half great nephew would be the grandson of her half-brother or half sister?

/Jesus, now my head hurts.
 
2013-01-04 10:47:20 AM
Daaaaaddy?!
 
2013-01-04 10:50:11 AM
I'll take his part since he won't be using it.
 
2013-01-04 10:50:19 AM
In the 1930s, she removed herself from Manhattan society and lived in solitude for the next quarter-century in her Fifth Avenue apartment surrounded by her dolls. In the 1980s, Huguette checked herself into a New York City hospital. She lived in hospitals around Manhattan until her death.

Her death at age 104, that is.

That is an... interesting life. Eh, who am I kidding, it's still a more impressive obituary than mine will be.
 
2013-01-04 10:50:40 AM
media.tumblr.com
 
2013-01-04 10:52:58 AM
again or different guy?
 
2013-01-04 10:53:19 AM

damaje: DerAppie: How does one become a half nephew? Isn't being a nephew one of those things you either are or aren't?

/"Half great nephew" sounds like "complete stranger"

Half-nephew would mean the son of your half-brother or half-sister. So half great nephew would be the grandson of her half-brother or half sister?

/Jesus, now my head hurts.


Gray was the adopted great-grandson of former U.S. Sen. William Andrews Clark, a wealthy copper miner, railroad builder and the founder of Las Vegas. Huguette was the youngest of William's seven children.

.... wat?
 
2013-01-04 10:54:02 AM
I want to punch HuffPo in the cock for autoplaying videos.
 
2013-01-04 10:59:29 AM
The homeless are often crazy, not poor. Our mental health system is what needs reforming.
 
2013-01-04 11:03:59 AM
Guy would have gotten $15,000 after taxes. Bummer.
 
2013-01-04 11:11:05 AM

the_chief: I want to punch HuffPo in the cock for autoplaying videos.


I click on those links every time, then the shiat starts autoplaying, and say to myself "It's a HuffPo link, dumbass."
 
2013-01-04 11:12:40 AM

topcon: Thanks for the HuffPo autoplay link that doesn't stop making sound even when you hit pause.


some cheese with your whine?
 
2013-01-04 11:13:47 AM
His share would actually have been $19M, not $300M.

However, the dreaded Deäth Täx would have reduced that to a mere $14M.*

Discuss.**

* Fun fact: if half-great-aunt Huguette had died a few months earlier than she did, in Dec. 2010 instead of May 2011, there'd have been no tax at all, thanks to a weird quirk in the law. Selfish to the end, that Huguette!
** Bonus points for using the phrase "family farm" or "small business."
 
2013-01-04 11:20:17 AM
If you've never earned a penny in your life yet live a rich lifestyle, and you're a potential heir to more money, and you notice weird ol' adopted great nephew veering off with the crazy train, what would you do?
I imagine those last few hours under that bridge at sub zero temperatures had at least one moment of clarity.
 
2013-01-04 11:21:56 AM
Something something not clever Obama nickname something. Something!

/DRTFA
 
2013-01-04 11:33:07 AM

the_chief: I want to punch HuffPo in the cock for autoplaying videos.


Try installing Flashblock

/or stay away from Huffpo
 
2013-01-04 11:35:40 AM
Vaguely relevant CSB:

My father was a chief on a nuclear submarine. One day a new junior crewman shows up, a first-termer so he's about 19. He was an unremarkable sailor EXCEPT for the fact that he seemed to have a hell of a lot of friends outside the Navy. Not only did he have many friends, but they were obviously well-off because when the ship pulled in to a foreign port, his friends were there waiting to whisk him off to some private function. People grew suspicious.

He served out his contract without getting in trouble or winning distinction. He declined to reenlist. Shortly after he left the ship, his bunk was stripped for its new occupant, and beneath his mattress was found every paycheck he had been issued for his entire time on the ship.

The story that came out was that he was the son of a Very Wealthy Man. This Very Wealthy Man did not wish to pass his estate to a son who had never known hard work, so he demanded that his son serve in the military before he was eligible for his inheritance. Of course, not everyone among his family and friends was as stern as Dad, so they did everything they could to keep him as comfy as possible in his years of exile. Apparently, he got enough pocket money from them that it wasn't worth his time to cash his piddling Navy checks.

The checks were bundled and sent to his home of record.

/CSB
 
2013-01-04 11:38:02 AM
"One stated her fortune would be given to relatives, while the other, signed six weeks after the first, said none of her money would go to family members."

Heh. Because, fark you family. Somebody really pissed somebody off.
 
2013-01-04 11:42:03 AM

ShannonKW: Not only did he have many friends, but they were obviously well-off because when the ship pulled in to a foreign port, his friends were there waiting to whisk him off to some private function. People grew suspicious.


It actually is a pretty cool story, bro, but I especially like the part where people knew some weird shiat was going down because a sailor had friends outside the Navy. Rings true!
 
2013-01-04 11:45:26 AM
Why can't I ever be related to a dead rich guy?
 
2013-01-04 11:49:55 AM

uberaverage: The homeless are often crazy, not poor. Our mental health system is what needs reforming.


I'm not in favor of warehousing people who have different wants and values or think differently. I 'wish' they would live indoors in this weather, but some of them really don't want to. It's unsafe and unhealthy, but they choose. I wish some of them found enough benefit in meds, but a lot don't. The power to choose poorly isn't much of a power. Some of them want to live indoors and can't find good housing, but that's a different issue.

Called crisis services for a friend once. They show up with cops to evaluate. They forced him into treatment & later he stopped complying. The treatment center closed his case. He's been living unmedicated & paranoid since then. He had been in an institution when young. He was there for 2 years and saw a doctor twice. 'Course, I can see that treating a person who will never believe you can be just about impossible. When he's not in a paranoid swing, he's a great guy. When he is paranoid, we just 'get though it.' It's easier to get through because I know he'll regret his actions later.

An agency I work with called crisis services because a mentally ill women was living in an abandoned house and getting raped repeatedly. Crisis services showed up with police and later said, we can't go back there 'cause it's unsafe. Uh, isn't that why you bring police? The best option was to get the mayor to condemn the house so that the woman would be forced to stay at her backup camp. Then get crises services to go to that camp.

I've sat with guys in psych ER and saw some pretty awful staff action. One guy and I both told the doc that he wanted to die. They sent him home with an outpatient referral. Been in other psych ER's that do 'in my opinion' a great job. Course the great hospital merged with the awful one.

/not a professional
 
2013-01-04 12:00:16 PM

semiotix: His share would actually have been $19M, not $300M.

However, the dreaded Deäth Täx would have reduced that to a mere $14M.*

Discuss.**

* Fun fact: if half-great-aunt Huguette had died a few months earlier than she did, in Dec. 2010 instead of May 2011, there'd have been no tax at all, thanks to a weird quirk in the law. Selfish to the end, that Huguette!
** Bonus points for using the phrase "family farm" or "small business."



People with assets like that typically have them tied up in trusts and llc's where they aren't death taxed as much when passed down. There's a whole industry that revolves around this.

That said, giving a homeless man $19 mil would've made him a target for every crook and scammer in the country.
 
2013-01-04 12:02:26 PM
People always forget how bad the death tax is for farmers and ranchers that get land passed to them. Even though they don't make a lot of money, if their ranch is valued at 10 million, they have to come up with millions in cash. Death tax is stupid and un-American in the extreme.
 
2013-01-04 12:23:03 PM

semiotix: ShannonKW: Not only did he have many friends, but they were obviously well-off because when the ship pulled in to a foreign port, his friends were there waiting to whisk him off to some private function. People grew suspicious.

It actually is a pretty cool story, bro, but I especially like the part where people knew some weird shiat was going down because a sailor had friends outside the Navy. Rings true!


I suppose it got to be a serious security concern. Dude was on ballistic missile sub and had to be in reactor controls in order to be my father's subordinate. That means "Secret" clearance at least, and weird shiat like that is bound to prompt an investigation. I can only imagine that investigation ended near the curb outside Daddy's mansion.
 
2013-01-04 12:24:35 PM
God Bless you Mr. Rosewater.
 
2013-01-04 12:34:30 PM
Evanston: where Utah gets its beer, porn, and fireworks.
 
2013-01-04 12:46:52 PM
I submitted this a week ago, with a funnier headline and no autoplay video. But I'm not bitter.

/okay, I'm bitter.
 
2013-01-04 12:53:44 PM

Thunderpipes: People always forget how bad the death tax is for farmers and ranchers that get land passed to them.


Then isn't that a problem with how the land is valued? I mean, if you're doing a proper job as a farmer, you should be getting at least a 5% return on the land's worth each year. So if you're only making $100k/year after expenses off the land, it shouldn't be worth any more than $2M. Even now, most of that $2M should be below the limit for the tax. If you have a sufficiently huge farm you should either be able to get a loan on the land that you then pay off over the next 20-30 years of farming income, or you build cash assets to pay the tax when the time comes.

Then what you do is select your heir early, form a corporation to actually hold the land and use accounting tricks to gift or sell the property to your heirs. Note: UNEXPECTED death can through a socket wrench into this process though.

Nana's Vibrator: and you notice weird ol' adopted great nephew veering off with the crazy train, what would you do?


Absolutely nothing. If I do do anything, it might be traced back to me.

On the other hand, it's nice to see somebody else come up with 'mentally ill'. It seems mental illness runs in the family, despite no genetic inheritance.

Of course, dying at 60 isn't actually that far below average for a man born when he was.
 
2013-01-04 12:54:51 PM

Flint Ironstag: I submitted this a week ago, with a funnier headline and no autoplay video. But I'm not bitter.

/okay, I'm bitter.


Don't worry, story was greenlit a week ago too.
 
2013-01-04 01:18:56 PM

Thunderpipes: People always forget how bad the death tax is for farmers and ranchers that get land passed to them. Even though they don't make a lot of money, if their ranch is valued at 10 million, they have to come up with millions in cash.


If you die with a ranch "valued at" $10M, you died a deka-millionaire. Congratulations. Your kids are about to become extremely wealthy.

If you die with a ranch "valued at" $10M and no meaningful cash assets, you were the worst businessman you ever met (or possibly a front company for money laundering).

If $10M is the absolute minimum capitalization necessary for a given ranch to scrape by on, then you're correct, the kids are not guaranteed to inherit enough to allow them to be unencumbered owners and self-employed ranchers. They'll have to content themselves with their ~$8M inheritance ($6M offset*, ≤40% tax rate thereafter).

Of course, if the ranch was actually making money--even tiny bits of money--they'd probably find that banks were tripping over each other to loan them the money at extremely competitive rates. Do the kids have the slightest detectable smidgen of competency as ranchers? Or are they willing to hire someone who is while they play rancher? Then it's a done deal. Hell, even that's probably not necessary. The bank will be all too happy to recover its $2M loan from the $10M foreclosure proceedings.

Death tax is stupid and un-American in the extreme.

"Stupid," we'll have to disagree on. But insofar as 99.87% of Americans never pay it, I agree that it's un-American.

* Assumptions: Mama Rancher is married to Daddy Rancher. Mama Rancher dies in 2011, with a $5M offset which goes unused (as is virtually always the case for the first spouse who dies) but which can be claimed by Daddy Rancher under current law. Daddy Rancher dies today, with the $1M offset under the 2013 tax code. Most financial types expect the offset to rise again to ~$3M, so $6M in offsets is also a reasonable guess for married couples going forward.)
 
2013-01-04 01:49:17 PM

semiotix: Thunderpipes: People always forget how bad the death tax is for farmers and ranchers...


Was trying to get my roommate a job with a farmer who had 400 cows. "Yeah, he used to be a rancher." "Really? What does he know?" "We'll, he's been kicked in the nuts by a bull, what more does he have to know?"
 
2013-01-04 02:37:43 PM

Firethorn: Thunderpipes: People always forget how bad the death tax is for farmers and ranchers that get land passed to them.

Then isn't that a problem with how the land is valued? I mean, if you're doing a proper job as a farmer, you should be getting at least a 5% return on the land's worth each year. So if you're only making $100k/year after expenses off the land, it shouldn't be worth any more than $2M. Even now, most of that $2M should be below the limit for the tax. If you have a sufficiently huge farm you should either be able to get a loan on the land that you then pay off over the next 20-30 years of farming income, or you build cash assets to pay the tax when the time comes.

Then what you do is select your heir early, form a corporation to actually hold the land and use accounting tricks to gift or sell the property to your heirs. Note: UNEXPECTED death can through a socket wrench into this process though.

Nana's Vibrator: and you notice weird ol' adopted great nephew veering off with the crazy train, what would you do?

Absolutely nothing. If I do do anything, it might be traced back to me.

On the other hand, it's nice to see somebody else come up with 'mentally ill'. It seems mental illness runs in the family, despite no genetic inheritance.

Of course, dying at 60 isn't actually that far below average for a man born when he was.


Not really. Remember, thousands of farms in the country are pretty big, used to be the norm. As they get passed down, many of them produce less money, but even if they do not, land values always go up. Farmer gets his family farm that he has been working all his life, IRS comes knocking, says he has to pony up 3 million in cash, farmer can not come anywhere near that. So, they sell off the land, farm shrinks, until it is no more.

I live on a plot of land sold by a farmer who is doing that very thing. the same idiot Democrats that cry about the loss of family farms are gung ho about making sure nothing gets passed down to kids.
 
2013-01-04 04:26:43 PM
Phil?
tv.infinitecoolness.com
/sad
//hopefully not obscure
 
2013-01-04 11:17:15 PM
o
 
2013-01-07 12:45:03 PM

Thunderpipes: but even if they do not, land values always go up.


That's the problem - the perception that land value HAS to always go up. If the land is seriously valued at that amount, it means:
1. The area the farm is in would better be utilized in a different way - such as suburbs(though yuck!). Your case.
2. The farmer sucks at utilizing the resource, limiting return. Better to sell.
3. The land is seriously over-valued, no intelligent investor would pay what the IRS is valuing the land at.

I should note that 5% should be the return on ALL of the farm's capital investment. Land, Machines, structures, etc...
 
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